🌎 World & Economics

Boeing Workers Face Unapproved Strike Vote Amid Contract Confusion

WSWS.org

More than 33,000 machinists at Boeing in Washington and Oregon are preparing to strike following their contract expiration on September 12, after voting 99.9 percent in favor of this action due to longstanding wage and benefit losses over the past 16 years. Workers are demanding fair treatment, including proper time to review contracts before votes and ensuring that any contract can be rejected by a simple majority, amidst concerns of a potentially misleading and rushed vote organized by the IAM bureaucracy. The IAM faces criticism for its past compromises with Boeing, which have contributed to deteriorating safety standards and financial mismanagement within the company. The fight at Boeing represents a broader struggle against corporate exploitation and calls for solidarity among workers across various sectors to establish an independent and democratic movement focused on worker ownership and rights.

IBM to Cease Operations in China, R&D World Index Reports

R&D World Online

The R&D World Index for the week ending August 30, 2024, closed at 3,969.84, marking a 0.57% increase with 17 out of 25 companies showing gains, notably Intel with a 7.30% rise. IBM announced the closure of its R&D operations in China, potentially affecting over 1,000 jobs, as it shifts resources amid declining revenues and competition. General Motors, alongside Samsung SDI, has postponed the construction of its Indiana battery plant to 2027 due to slow electric vehicle adoption, while Dell's AI server demand surged 80% year-over-year, in contrast to Super Micro's disappointing profits. Additionally, universities like Cornell and Columbia are granting faculty the authority to set policies on AI usage in education, addressing the challenges and complexities of integrating artificial intelligence into academic settings.

Harris, Trump, and Biden Unite Against US Steel-Nippon Steel Merger

Fox Business

Vice President Harris publicly expressed her opposition to the proposed $14.9 billion merger between U.S. Steel and Nippon Steel at a Labor Day rally in Pittsburgh, aligning her stance with that of President Biden and former President Trump. The merger has faced criticism from the United Steelworkers union due to concerns about job security and the preservation of mills, despite Nippon Steel's commitment to support the union's current contract and invest $2.7 billion in U.S. Steel facilities. U.S. Steel defended the deal, asserting that it would enhance competitiveness and secure jobs for thousands in Pennsylvania. The Biden-Harris administration is currently reviewing the merger for potential antitrust and national security issues, delaying its anticipated closing date.

 📈 Stocks / Finance

Overseas Investors Withdraw $3.8 Billion from Asian Tech Stocks in August

US News

In August, overseas investors retracted significantly from Asian tech stocks, selling a net $3.8 billion in equities across several countries, including South Korea, India, and Taiwan, following a previous two-month streak of net purchases. The rally in tech stocks raised concerns over lofty valuations and the sustainability of AI investments, leading to a shift toward less expensive stocks. Notably, Taiwanese and South Korean equities faced substantial outflows of $4.2 billion and $2.1 billion, respectively, as global sentiment towards semiconductor and AI investments wavered. Conversely, Indian markets experienced a modest net inflow of $873 million, primarily attributed to new issues in the primary market, while Vietnam and Thailand saw continued foreign sell-offs.

Terraform Labs Transfers $62.81 Million in Bitcoin During Closure Process

Cryptoslate

On September 2, a crypto wallet associated with the bankrupt Terraform Labs transferred 1,075 BTC, worth approximately $62.81 million, to a different address, although the firm has not publicly addressed this movement. Following this transaction, the wallet was left with about $2 million in altcoins, including notable holdings like Convex Finance's CVX and Governance OHM tokens. Terraform Labs, having announced its winding down plan on August 27 through Proposal 4818 as part of its settlement with the SEC, will implement its final upgrade to the Terra blockchain before completely ceasing operations. As the transition to community management approaches, the future of the Terra ecosystem remains uncertain, especially following the significant impacts of the collapse of its algorithmic stablecoin in 2022.